Spain | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Kingdom of Spain
Records
63
Source
Spain | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.00030918
1971 0.00075174
1972 0.00097258
1973 0.00737584
1974 0.09348193
1975 0.07512906
1976 0.06933197
1977 0.03640861
1978 0.03042387
1979 0.06595622
1980 0.10553926
1981 0.07474551
1982 0.06063526
1983 0.17561908
1984 0.13515918
1985 0.12302431
1986 0.03000952
1987 0.03457268
1988 0.02021931
1989 0.02050195
1990 0.01672066
1991 0.01012303
1992 0.01009339
1993 0.00951361
1994 0.00775276
1995 0.00602862
1996 0.00635738
1997 0.00398432
1998 0.00166037
1999 0.00273744
2000 0.00483506
2001 0.00613482
2002 0.00442561
2003 0.00401179
2004 0.00366544
2005 0.00327447
2006 0.00291549
2007 0.00284665
2008 0.00337447
2009 0.00165951
2010 0.00221763
2011 0.0028818
2012 0.00442661
2013 0.01034732
2014 0.00790863
2015 0.00293078
2016 0.00132927
2017 0.00163989
2018 0.00176491
2019 0.000744
2020 0.00029573
2021 0.00015149
2022

Spain | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Kingdom of Spain
Records
63
Source